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        <name>Main Street Natural Gas, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Chicago Board of Education Dedicated Capital Improvement Tax</name>
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      <invstOrSec>
        <name>City of Grand Forks ND</name>
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      <invstOrSec>
        <name>Arlington Higher Education Finance Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>State of Illinois</name>
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          <maturityDt>2038-11-01</maturityDt>
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        <name>Connecticut State Health &amp; Educational Facilities Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Herons Glen Recreation District</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Arkansas Development Finance Authority</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-09-01</maturityDt>
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        <name>Metropolitan Transportation Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Illinois Finance Authority</name>
        <lei>549300ZG6UBPNNNRN315</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Health &amp; Educational Facilities Authority of the State of Missouri</name>
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        <name>Travis County Development Authority</name>
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        <name>Philadelphia Gas Works Co.</name>
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        <name>Public Finance Authority</name>
        <lei>5493004S6D3NA627K012</lei>
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        <name>Michigan State Hospital Finance Authority</name>
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        <title>Michigan State Hospital Finance Authority, Series 1999 B-3</title>
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        <name>Louisiana Public Facilities Authority</name>
        <lei>549300RQIPT5S4P4M065</lei>
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      <invstOrSec>
        <name>Maryland Health &amp; Higher Educational Facilities Authority</name>
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        <title>Maryland Health &amp; Higher Educational Facilities Authority, Series 2017 B</title>
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        <name>New Jersey Health Care Facilities Financing Authority</name>
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          <annualizedRt>5.00000000</annualizedRt>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Arlington Higher Education Finance Corp.</name>
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          <isin value="US041807KZ06"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Lower Colorado River Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Gainesville &amp; Hall County Hospital Authority</name>
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        <name>Pennsylvania Economic Development Financing Authority</name>
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        <name>Wisconsin Health &amp; Educational Facilities Authority</name>
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        <name>Port of Greater Cincinnati Development Authority</name>
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        <name>Wisconsin Health &amp; Educational Facilities Authority</name>
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        <name>Upper Illinois River Valley Development Authority</name>
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        <name>City of Farmington NM</name>
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      <invstOrSec>
        <name>San Antonio Education Facilities Corp.</name>
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        <name>City of Phoenix Civic Improvement Corp.</name>
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        <name>Fiddlers Business Improvement District</name>
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        <name>Orange County Health Facilities Authority</name>
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        <name>Main Street Natural Gas, Inc.</name>
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        <name>State of Illinois</name>
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        <name>Terrell Independent School District/TX</name>
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        <name>Regional Transportation District</name>
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        <name>Troy Capital Resource Corp.</name>
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        <name>Cobb County Kennestone Hospital Authority</name>
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        <name>City of Chicago IL</name>
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        <name>New York City Transitional Finance Authority</name>
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        <name>Kaufman County Fresh Water Supply District No. 1-D</name>
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        <name>Arizona Industrial Development Authority</name>
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        <name>Infirmary Health System Special Care Facilities Financing Authority of Mobile</name>
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        <name>New York Transportation Development Corp.</name>
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      <invstOrSec>
        <name>Virginia Small Business Financing Authority</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Texas Municipal Gas Acquisition &amp; Supply Corp. IV</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Celebration Community Development District</name>
        <lei>N/A</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>State of Illinois</name>
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        <invCountry>US</invCountry>
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          <maturityDt>2040-10-01</maturityDt>
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      <invstOrSec>
        <name>Southeast Missouri State University</name>
        <lei>N/A</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-04-01</maturityDt>
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        <name>Greater Orlando Aviation Authority</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Municipal Electric Authority of Georgia</name>
        <lei>JA0WNILDDF2KUPS83B16</lei>
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          <isin value="US6262072G86"/>
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        <balance>700000.00000000</balance>
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        <valUSD>729739.64000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-01-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>City of New York NY</name>
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        <balance>2500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2620196.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-05-01</maturityDt>
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          <annualizedRt>5.50000000</annualizedRt>
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        <name>Louisiana Public Facilities Authority</name>
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          <isin value="US546399CG92"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Herons Glen Recreation District</name>
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        <name>University of Massachusetts Building Authority</name>
        <lei>6ILE2573NPR1XO2TR556</lei>
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          <isin value="US914437TB43"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-11-01</maturityDt>
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        <name>Maricopa County Industrial Development Authority</name>
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        <name>Arkansas Development Finance Authority</name>
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        <name>Central Texas Turnpike System</name>
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          <maturityDt>2031-08-15</maturityDt>
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        <name>Washington Health Care Facilities Authority</name>
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        <name>Health &amp; Educational Facilities Authority of the State of Missouri</name>
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      <invstOrSec>
        <name>Florida Development Finance Corp.</name>
        <lei>549300HC854CNBLMWC48</lei>
        <title>Florida Development Finance Corp., Series 2024</title>
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          <isin value="US340618DR59"/>
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        <name>EP Royal Estates PFC</name>
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        <name>City of Phoenix Civic Improvement Corp.</name>
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        <name>Build NYC Resource Corp.</name>
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        <name>Utah Infrastructure Agency</name>
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        <name>Massachusetts Development Finance Agency</name>
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        <name>Town of Trophy Club TX Public Improvement District No. 1</name>
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        <name>Louisiana Local Government Environmental Facilities &amp; Community Development Auth</name>
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        <name>City of Chicago IL</name>
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        <name>Golden State Tobacco Securitization Corp.</name>
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        <name>Port Authority of New York &amp; New Jersey</name>
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        <name>Wisconsin Health &amp; Educational Facilities Authority</name>
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        <name>Virginia Public Building Authority</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-08-01</maturityDt>
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        <name>Keys Edge Community Development District</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Gainesville &amp; Hall County Hospital Authority</name>
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        <name>New Hampshire Business Finance Authority</name>
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        <name>State of Florida</name>
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        <name>Washington Health Care Facilities Authority</name>
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        <name>Colorado Health Facilities Authority</name>
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        <name>Greater Orlando Aviation Authority</name>
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        <name>Virginia Small Business Financing Authority</name>
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        <name>Arizona Industrial Development Authority</name>
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        <name>Build NYC Resource Corp.</name>
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        <name>Illinois Finance Authority</name>
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        <name>Bexar Management And Development Corp.</name>
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        <name>Dallas Convention Center Hotel Development Corp.</name>
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        <name>Indiana Finance Authority</name>
        <lei>549300PS0PAS7NDSSI20</lei>
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        <name>New Jersey Health Care Facilities Financing Authority</name>
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        <name>Indiana Finance Authority</name>
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      <invstOrSec>
        <name>Medford Hospital Facilities Authority</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>New Jersey Economic Development Authority</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>State of Washington</name>
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          <isin value="US93974EH746"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2043-08-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>EP Cimarron Ventanas PFC</name>
        <lei>N/A</lei>
        <title>EP Cimarron Ventanas PFC, Series 2024</title>
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          <isin value="US26879QAN51"/>
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        <balance>4020000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3763738.67000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-12-01</maturityDt>
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          <annualizedRt>4.12500000</annualizedRt>
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      <invstOrSec>
        <name>Louisiana Public Facilities Authority</name>
        <lei>549300RQIPT5S4P4M065</lei>
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          <isin value="US546399CX26"/>
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        <curCd>USD</curCd>
        <valUSD>5088.56000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-05-15</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Gainesville &amp; Hall County Hospital Authority</name>
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          <isin value="US362762LK05"/>
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        <balance>2100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2174466.42000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Harvest Ridge Community Development District</name>
        <lei>N/A</lei>
        <title>Harvest Ridge Community Development District, Series 2024</title>
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          <isin value="US41756PAC86"/>
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        <balance>650000.00000000</balance>
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        <valUSD>619766.68000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.37500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>City of Baltimore MD</name>
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        <title>City of Baltimore, Series 2017 A</title>
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          <isin value="US05922KZK86"/>
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        <balance>3240000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3314766.56000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Allentown Neighborhood Improvement Zone Development Authority</name>
        <lei>N/A</lei>
        <title>Allentown Neighborhood Improvement Zone Development Authority, Series 2022</title>
        <cusip>018444BQ1</cusip>
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          <isin value="US018444BQ13"/>
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        <balance>600000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>628270.50000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-05-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Washington Health Care Facilities Authority</name>
        <lei>549300ZVPWQIL3N5TL85</lei>
        <title>Washington Health Care Facilities Authority, Series 2020</title>
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          <isin value="US93978HXE07"/>
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        <valUSD>1035788.40000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>State of Hawaii Airports System Revenue</name>
        <lei>N/A</lei>
        <title>State of Hawaii, Series 2020 A</title>
        <cusip>419794C75</cusip>
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          <isin value="US419794C758"/>
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        <balance>4420000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4388913.26000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Port New Orleans Board of Commissioners</name>
        <lei>N/A</lei>
        <title>Port New Orleans Board of Commissioners, Series 2020 E</title>
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          <isin value="US734782DQ54"/>
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        <balance>1000000.00000000</balance>
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        <valUSD>1019849.80000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>State of Illinois</name>
        <lei>54930048FV8RWPR02D67</lei>
        <title>State of Illinois, Series 2021 A</title>
        <cusip>452153AW9</cusip>
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          <isin value="US452153AW91"/>
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        <balance>2000000.00000000</balance>
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        <valUSD>1942166.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>North Carolina State Education Assistance Authority</name>
        <lei>N/A</lei>
        <title>North Carolina State Education Assistance Authority, Series 2020 A</title>
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          <isin value="US658262GL80"/>
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        <balance>450000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-06-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Washington Health Care Facilities Authority</name>
        <lei>549300ZVPWQIL3N5TL85</lei>
        <title>Washington Health Care Facilities Authority, Series B</title>
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          <isin value="US93978HUL76"/>
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        <balance>1925000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>City of Port St Lucie FL Utility System Revenue</name>
        <lei>N/A</lei>
        <title>City of Port St. Lucie, Series 2016</title>
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          <isin value="US735352QF67"/>
          <other otherDesc="Inhouse Asset ID" value="642627"/>
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        <balance>1635000.00000000</balance>
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        <valUSD>1645630.44000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Main Street Natural Gas, Inc.</name>
        <lei>549300NY5M0QVZ6X4U26</lei>
        <title>Main Street Natural Gas, Inc., Series 2022 C</title>
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          <isin value="US56035DDP42"/>
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        <balance>12000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>11992627.20000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-08-01</maturityDt>
          <couponKind>Variable</couponKind>
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        <name>Alachua County Health Facilities Authority</name>
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        <name>Public Finance Authority</name>
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        <name>Michigan Strategic Fund</name>
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        <name>Energy Southeast A Cooperative District</name>
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        <name>Oregon State Facilities Authority</name>
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        <name>Ohio Housing Finance Agency</name>
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        <name>Public Finance Authority</name>
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        <name>Colorado Health Facilities Authority</name>
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        <name>Eastern Kentucky University</name>
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        <name>Wisconsin Health &amp; Educational Facilities Authority</name>
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        <name>New York City Housing Development Corp.</name>
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        <name>Lee County Industrial Development Authority/FL</name>
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        <name>City of Phoenix Civic Improvement Corp.</name>
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        <name>Illinois Finance Authority</name>
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        <name>California Community Housing Agency</name>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-10-01</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Indiana Finance Authority</name>
        <lei>549300PS0PAS7NDSSI20</lei>
        <title>Indiana Finance Authority, Series 2023 A</title>
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          <isin value="US45506EEK55"/>
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        <curCd>USD</curCd>
        <valUSD>1060504.64000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Westpointe Special Improvement District</name>
        <lei>N/A</lei>
        <title>Westpointe Special Improvement District, Series 2024</title>
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          <isin value="US96124RBU23"/>
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        <valUSD>1007745.00000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>City of Galesburg IL</name>
        <lei>N/A</lei>
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          <isin value="US363433BA06"/>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>North Texas Tollway Authority</name>
        <lei>PQGZGRE0F2WPMYQQ1B78</lei>
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          <isin value="US66285WWG76"/>
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        <balance>5000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5032800.00000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Terrell Independent School District/TX</name>
        <lei>N/A</lei>
        <title>Terrell Independent School District, Series 2025</title>
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          <isin value="US881405NW01"/>
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        <curCd>USD</curCd>
        <valUSD>3158260.80000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Build NYC Resource Corp.</name>
        <lei>549300GROJFKMNLWEK84</lei>
        <title>Build NYC Resource Corp., Series 2025</title>
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          <isin value="US12008QAC33"/>
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        <balance>1230000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1265852.29000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>City of Baltimore MD</name>
        <lei>N/A</lei>
        <title>City of Baltimore, Series 2017 A</title>
        <cusip>05922KZJ1</cusip>
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          <isin value="US05922KZJ14"/>
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        <balance>2085000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2137220.70000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Lakeside Place PFC</name>
        <lei>N/A</lei>
        <title>Lakeside Place PFC, Series 2021</title>
        <cusip>512179AA0</cusip>
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          <isin value="US512179AA07"/>
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        <balance>3851152.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2802535.69000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.48000000</annualizedRt>
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        <name>Lakewood Ranch Stewardship District</name>
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        <title>Lakewood Ranch Stewardship District, Series 2024</title>
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        <balance>485000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>472404.07000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.30000000</annualizedRt>
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      <invstOrSec>
        <name>Allentown Neighborhood Improvement Zone Development Authority</name>
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        <title>Allentown Neighborhood Improvement Zone Development Authority, Series 2022</title>
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          <isin value="US018444BR95"/>
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        <balance>600000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2029-05-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>South Carolina Jobs-Economic Development Authority</name>
        <lei>5493006X47I9VG3DL112</lei>
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          <isin value="US83703FLF70"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-05-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Massachusetts Bay Transportation Authority Sales Tax Revenue</name>
        <lei>N/A</lei>
        <title>Massachusetts Bay Transportation Authority, Series 2025 B</title>
        <cusip>5755792C0</cusip>
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          <isin value="US5755792C00"/>
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        <balance>7630000.00000000</balance>
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        <valUSD>7865206.96000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>City of Seattle WA Municipal Light &amp; Power Revenue</name>
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        <cusip>812643QA5</cusip>
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          <isin value="US812643QA50"/>
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        <balance>5000000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-09-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>Public Finance Authority</name>
        <lei>5493004S6D3NA627K012</lei>
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          <isin value="US74439YFU01"/>
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        <invCountry>US</invCountry>
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        <name>Michigan Finance Authority</name>
        <lei>54930022O46HOX5J1D14</lei>
        <title>Michigan Finance Authority, Series 2024</title>
        <cusip>59447NBC9</cusip>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-02-28</maturityDt>
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          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>Orange County Health Facilities Authority</name>
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          <maturityDt>2028-10-01</maturityDt>
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      <invstOrSec>
        <name>Tennergy Corp.</name>
        <lei>5493008K3JJFBSC4C235</lei>
        <title>Tennergy Corp., Series 2022 A</title>
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        <name>Arizona Industrial Development Authority</name>
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        <name>Allegheny County Airport Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Wisconsin Health &amp; Educational Facilities Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Chicago Park District</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Michigan State Hospital Finance Authority</name>
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        <name>Cordoba Ranch Community Development District</name>
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        <name>California Municipal Finance Authority</name>
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        <name>Kentucky Municipal Power Agency</name>
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        <name>County of Franklin OH</name>
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        <name>Louisiana Public Facilities Authority</name>
        <lei>549300RQIPT5S4P4M065</lei>
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        <name>Ector County Hospital District</name>
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      <invstOrSec>
        <name>Pecan Public Facility Corp.</name>
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        <name>Salem-Keizer School District No. 24J</name>
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        <name>Kentucky Municipal Energy Agency</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Arlington Higher Education Finance Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Westside 211 Special Improvement District</name>
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          <isin value="US96145JAK88"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Cobb County Kennestone Hospital Authority</name>
        <lei>549300TB04LETJYNFR44</lei>
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        <name>Public Finance Authority</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2027-12-01</maturityDt>
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        <name>Colorado Health Facilities Authority</name>
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        <name>Southeast Missouri State University</name>
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        <name>City of New York NY</name>
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        <name>North Dakota Housing Finance Agency</name>
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        <name>Connecticut State Health &amp; Educational Facilities Authority</name>
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        <invCountry>US</invCountry>
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        <name>Westside 211 Special Improvement District</name>
        <lei>N/A</lei>
        <title>Westside 211 Special Improvement District, Series 2021</title>
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        <invCountry>US</invCountry>
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        <name>Louisiana Public Facilities Authority</name>
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        <name>Iowa Higher Education Loan Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Puerto Rico Industrial Tourist Educational Medical &amp; Envirml Ctl Facs Fing Auth</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Alaska Municipal Bond Bank Authority</name>
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        <name>Arkansas Development Finance Authority</name>
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        <name>Public Finance Authority</name>
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          <maturityDt>2034-07-25</maturityDt>
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        <name>State of Florida</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-06-01</maturityDt>
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        <name>Municipal Electric Authority of Georgia</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-01-01</maturityDt>
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        <name>Iowa Higher Education Loan Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Ector County Hospital District</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Massachusetts Bay Transportation Authority Sales Tax Revenue</name>
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        <name>Mississippi Development Bank</name>
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        <name>Chicago Park District</name>
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        <name>Oregon State Facilities Authority</name>
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        <name>Arizona Industrial Development Authority</name>
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        <name>City of Riverside CA Sewer Revenue</name>
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        <name>Indiana Finance Authority</name>
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        <name>Houston Higher Education Finance Corp.</name>
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        <name>Clifton Higher Education Finance Corp.</name>
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        <name>Ector County Hospital District</name>
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        <name>City of South Miami Health Facilities Authority, Inc.</name>
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        <name>Main Street Natural Gas, Inc.</name>
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        <name>Illinois Finance Authority</name>
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        <name>Westpointe Special Improvement District</name>
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        <name>Massachusetts Development Finance Agency</name>
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        <name>City of Phoenix Civic Improvement Corp.</name>
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        <name>California Statewide Communities Development Authority</name>
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        <name>New York City Transitional Finance Authority Future Tax Secured Revenue</name>
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        <name>Arizona Industrial Development Authority</name>
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        <name>Denver City &amp; County School District No. 1</name>
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        <name>Patriots Energy Group Financing Agency</name>
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        <name>Boise State University</name>
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        <name>Arizona Industrial Development Authority</name>
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        <name>Louisiana Local Government Environmental Facilities &amp; Community Development Auth</name>
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        <name>Public Finance Authority</name>
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        <name>Westside 211 Special Improvement District</name>
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        <name>South Carolina Jobs-Economic Development Authority</name>
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        <name>Louisiana Local Government Environmental Facilities &amp; Community Development Auth</name>
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        <name>Clifton Higher Education Finance Corp.</name>
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        <name>San Francisco City &amp; County Airport Comm-San Francisco International Airport</name>
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        <name>Washington Health Care Facilities Authority</name>
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        <name>New Jersey Educational Facilities Authority</name>
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        <name>Southeast Missouri State University</name>
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        <name>Iowa Higher Education Loan Authority</name>
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        <name>City of Chicago IL</name>
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        <name>California Community Housing Agency</name>
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        <name>Philadelphia Gas Works Co.</name>
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        <name>Washington State Housing Finance Commission</name>
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        <name>Iowa Finance Authority</name>
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        <name>Clifton Higher Education Finance Corp.</name>
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        <name>City of Jacksonville FL</name>
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        <name>Virginia Small Business Financing Authority</name>
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      <invstOrSec>
        <name>Boise State University</name>
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      <invstOrSec>
        <name>City of Lehi UT Sales Tax Revenue</name>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>Lafayette Consolidated Government</name>
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      <invstOrSec>
        <name>Middleton Community Development District A</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>City of Grand Forks ND</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Clifton Higher Education Finance Corp.</name>
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        <name>Metropolitan Transportation Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Aspire Public Improvement District</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Huron School District No. 2-2</name>
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        <name>South Carolina Public Service Authority</name>
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        <name>Texas Municipal Gas Acquisition &amp; Supply Corp. III</name>
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        <name>Kaufman County Fresh Water Supply District No. 1-D</name>
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        <name>Colorado Health Facilities Authority</name>
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        <name>Public Finance Authority</name>
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        <name>South Carolina Jobs-Economic Development Authority</name>
        <lei>5493006X47I9VG3DL112</lei>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Pennsylvania Higher Educational Facilities Authority</name>
        <lei>N/A</lei>
        <title>Pennsylvania Higher Educational Facilities Authority, Series 2020 A</title>
        <cusip>70917TAP6</cusip>
        <identifiers>
          <isin value="US70917TAP66"/>
          <other otherDesc="Inhouse Asset ID" value="1239847"/>
        </identifiers>
        <balance>6950000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7144344.94000000</valUSD>
        <pctVal>0.355913764223</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>New Jersey Higher Education Student Assistance Authority</name>
        <lei>5493007OOYUHTF8GSL63</lei>
        <title>New Jersey Higher Education Student Assistance Authority, Series 2020 B</title>
        <cusip>646080VF5</cusip>
        <identifiers>
          <isin value="US646080VF50"/>
          <other otherDesc="Inhouse Asset ID" value="1073513"/>
        </identifiers>
        <balance>975000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>943051.79000000</valUSD>
        <pctVal>0.046980530091</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>City of Baltimore MD</name>
        <lei>N/A</lei>
        <title>City of Baltimore, Series 2017 A</title>
        <cusip>05922KZG7</cusip>
        <identifiers>
          <isin value="US05922KZG74"/>
          <other otherDesc="Inhouse Asset ID" value="658956"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1030311.30000000</valUSD>
        <pctVal>0.051327585129</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>New York Liberty Development Corp.</name>
        <lei>N/A</lei>
        <title>New York Liberty Development Corp., Series 2021 A</title>
        <cusip>649519DJ1</cusip>
        <identifiers>
          <isin value="US649519DJ12"/>
          <other otherDesc="Inhouse Asset ID" value="1160408"/>
        </identifiers>
        <balance>2340000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2189642.60000000</valUSD>
        <pctVal>0.109082630614</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.95000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Tennessee State School Bond Authority</name>
        <lei>N/A</lei>
        <title>Tennessee State School Bond Authority, Series 2015 B</title>
        <cusip>880558HM6</cusip>
        <identifiers>
          <isin value="US880558HM65"/>
          <other otherDesc="Inhouse Asset ID" value="601521"/>
        </identifiers>
        <balance>8180000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8208333.07000000</valUSD>
        <pctVal>0.408919046529</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Washington Health Care Facilities Authority</name>
        <lei>549300ZVPWQIL3N5TL85</lei>
        <title>Washington Health Care Facilities Authority, Series 2020</title>
        <cusip>93978HXF7</cusip>
        <identifiers>
          <isin value="US93978HXF71"/>
          <other otherDesc="Inhouse Asset ID" value="1086201"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1029557.50000000</valUSD>
        <pctVal>0.051290032660</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>California Community Choice Financing Authority</name>
        <lei>549300X8VKJ215S2R571</lei>
        <title>California Community Choice Financing Authority, Series 2023 C</title>
        <cusip>13013JCM6</cusip>
        <identifiers>
          <isin value="US13013JCM62"/>
          <other otherDesc="Inhouse Asset ID" value="1238537"/>
        </identifiers>
        <balance>11000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>11570620.60000000</valUSD>
        <pctVal>0.576419975061</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-01-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Illinois Finance Authority</name>
        <lei>549300ZG6UBPNNNRN315</lei>
        <title>Illinois Finance Authority, Series 2021 A</title>
        <cusip>45204FJP1</cusip>
        <identifiers>
          <isin value="US45204FJP18"/>
          <other otherDesc="Inhouse Asset ID" value="1144841"/>
        </identifiers>
        <balance>12645000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>11518942.52000000</valUSD>
        <pctVal>0.573845499706</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>City of Celina TX</name>
        <lei>N/A</lei>
        <title>City of Celina, Series 2024</title>
        <cusip>15114CJW5</cusip>
        <identifiers>
          <isin value="US15114CJW55"/>
          <other otherDesc="Inhouse Asset ID" value="1419403"/>
        </identifiers>
        <balance>360000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>334916.06000000</valUSD>
        <pctVal>0.016684697703</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.12500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Black Belt Energy Gas District</name>
        <lei>549300I8V0Z68JQCB679</lei>
        <title>Black Belt Energy Gas District, Series 2022 E</title>
        <cusip>09182TBL0</cusip>
        <identifiers>
          <isin value="US09182TBL08"/>
          <other otherDesc="Inhouse Asset ID" value="1204314"/>
        </identifiers>
        <balance>7000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7305213.30000000</valUSD>
        <pctVal>0.363927831857</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-05-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Harvest Ridge Community Development District</name>
        <lei>N/A</lei>
        <title>Harvest Ridge Community Development District, Series 2024</title>
        <cusip>41756PAB0</cusip>
        <identifiers>
          <isin value="US41756PAB04"/>
          <other otherDesc="Inhouse Asset ID" value="1407977"/>
        </identifiers>
        <balance>260000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>251813.98000000</valUSD>
        <pctVal>0.012544755643</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.12500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Columbus Metropolitan Housing Authority</name>
        <lei>N/A</lei>
        <title>Columbus Metropolitan Housing Authority, Series 2024</title>
        <cusip>19951AAV8</cusip>
        <identifiers>
          <isin value="US19951AAV89"/>
          <other otherDesc="Inhouse Asset ID" value="1426695"/>
        </identifiers>
        <balance>5500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5508960.60000000</valUSD>
        <pctVal>0.274442922419</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>County of Turner SD</name>
        <lei>N/A</lei>
        <title>County of Turner, Series 2025</title>
        <cusip>90027SBA5</cusip>
        <identifiers>
          <isin value="US90027SBA50"/>
          <other otherDesc="Inhouse Asset ID" value="1446883"/>
        </identifiers>
        <balance>4520000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4200634.43000000</valUSD>
        <pctVal>0.209265317487</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Maine Health &amp; Higher Educational Facilities Authority</name>
        <lei>N/A</lei>
        <title>Maine Health &amp; Higher Educational Facilities Authority, Series 2020 A</title>
        <cusip>56042RYE6</cusip>
        <identifiers>
          <isin value="US56042RYE60"/>
          <other otherDesc="Inhouse Asset ID" value="1094394"/>
        </identifiers>
        <balance>2690000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2611574.66000000</valUSD>
        <pctVal>0.130102252284</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Iowa Higher Education Loan Authority</name>
        <lei>549300DWVTM3KRNR0M36</lei>
        <title>Iowa Higher Education Loan Authority, Series 2020</title>
        <cusip>4624607H3</cusip>
        <identifiers>
          <isin value="US4624607H33"/>
          <other otherDesc="Inhouse Asset ID" value="1118290"/>
        </identifiers>
        <balance>2595000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2666842.58000000</valUSD>
        <pctVal>0.132855564675</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>State of Ohio</name>
        <lei>5493005LEB5E170OMX59</lei>
        <title>State of Ohio, Series 2020</title>
        <cusip>67756CEX2</cusip>
        <identifiers>
          <isin value="US67756CEX20"/>
          <other otherDesc="Inhouse Asset ID" value="1105418"/>
        </identifiers>
        <balance>905000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>865123.08000000</valUSD>
        <pctVal>0.043098312652</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2025-09-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Franklin Tax Free Trust</ncom:nameOfApplicant>
      <ncom:signature>Monica Krogh</ncom:signature>
      <ncom:signerName>Monica Krogh</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
